Cattle Futures Tumble Most in Five Months; Hogs Decline
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Cattle futures tumbled the most in five months on signs of slowing demand from U.S. meatpackers as beef prices drop. Hogs also fell.
Slaughterhouses purchased 1.96 million animals from feedlots last month, down 4.5 percent from a year earlier, the U.S. Department of Agriculture said in a report on Sept. 21. Thirteen analysts in a Bloomberg News survey forecast a 1.6 percent decline, on average. In the previous two sessions, wholesale beef prices dropped 1.2 percent, the most since July 20.